Economy
Onne Port Customs Records N22.9bn Revenue in Q1 2020
By Adedapo Adesanya
The Nigeria Customs Service, Area II Command Onne Port, has recorded a total revenue collection of N22.96 billion in the first quarter of 2020.
This was disclosed by the Customs Area Controller of the Command, Mr Aliyu Galadima Saidu, during a breakdown of the revenue figures, seizures and export statistics between January and March this year.
It was revealed that a sum of N7,651,099,364.62 was generated in January; N7,589,349,555.61K in February and N7,701,331,243.20K in March 2020.
On export, the Command recorded 1,053,531 metric tonnes with Free on Board(FOB) value of $87,136,233.66 and total Nigeria Export Supervision Scheme (NESS) value of N132,399,525.56 respectively, in the first quarter of 2020.
It was disclosed that seven seizures of containers made in the first threw months of the year comprised 1,225 bales of used clothing, 35 sacks of used shoes, 86 bales of used hand bags and other the miscellaneous goods such as foreign detergent, lightings, foreign parboiled rice, perfume, body spray and others, all valued at N215,387,201.18
The above seized items, according to Mr Saidu, were brought into the country in contravention of the Customs and Excise Management Act and extant import prohibition list.
For the NESS Fee which is a statutory payment to the Federal Government on all legitimate goods exported from the country, 377,985 metric tonnes were processed through the port in January; 455,987 metric tonnes in February and 219,559 metric tonnes in March.
Speaking after the assessment, the Area Controller thanked officers and men of the command for their resilience, commitment and diligence to work in the face of coronavirus pandemic.
“I want to commend our officers and port users for keeping the tempo of activities going in Onne port without compromising basic rules of hand washing, usage of sanitizers and strict maintenance of the social distancing rules.
“Let us continue to be health and safety conscious this period and beyond, while shunning any attempts at making us compromise on our duties of revenue collection, trade facilitation and suppression of smuggling
“Our stakeholders are advised to utilise all Customs modernisation options available to them to reduce human contacts as much as possible while conducting businesses in the ports.
“The Controller General of Customs is not unaware of our efforts to serve the country and maintain full presence at our duty posts, as directed, this period. I urge you all to keep it up.
“Like I have always said, compliance is very vital to trade facilitation. All importers and agents are once again enjoined to be compliant by making sincere and accurate declarations, avoid concealment, under value and smuggling under any guise.
“Violations will be met with seizures and arrests as we will not hesitate to invoke relevant sections of CEMA Cap C45 of LFN 2004 as amended to apply lawful sanctions against defaulters,” Mr Saidu said.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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